Here are some tips to take advantage of peak price times to send transactions with cheaper fees and quick confirmations:
we will start looking at https://core.jochen-hoenicke.de/queue/#1,24h
The peaks and valleys of the interface show the number of transactions and determine the fees you will pay
1. Transaction fees are measured in Satoshi for each virtual byte (vbyte). The types of transactions differ according to the complexity, the number of inputs/outputs, and the type of address that is spent. From there, we cannot say that there are fixed fees for each transaction. Some may pay high fees/cheap based on the differences mentioned above.
2. The transaction form has 1 input and 1 output is 144 vB.
3. Some wallets do not allow you to specify the fees or the estimated block that includes the transaction, or do it automatically . If the wallet estimates high fees, contact the developer to amend the method of calculating fees.
4. If your wallet does not support manually fees, use a different wallet.
5. One of the reasons for paying higher fees is the legacy address, which are addresses that start with number 1. Using those addresses means that you pay 36% higher fees on average.
6. If you are still using a legacy addresses, use a wallet that supports (wrapped Segwit) 3 or bc1 (native Segwit). send when the network is not congested.
7. Before paying for any service, check whether it supports RBF and then make sure that your wallet supports this feature, otherwise you are obliged to pay fees higher than the average to avoid stuck transaction.
8. If your wallet does not support RBF, CPFP, it is best to stop using it.
9. If your wallet supports RBF and you are not in a hurry to obtain confirmations (for example sending money to a friend to a new wallet address) you can choose the lowest fees. If it is not confirmed, you can raise the transaction by paying a higher fee.
10. Do not be alarmed if the money does not appear in your other wallet directly, the bitcoin that is sent to the correct address is either confirmed or back to the other wallet, meaning that it is not lost, do not panic.
11- Bitcoin transactions are indivisible, meaning that they are either in your wallet or in the wallet of the other person to whom you send the money. If the transaction is not confirmed, the funds are still yours. If the transaction is confirmed, other party have it.
12. Remember what the transaction has not been confirmed and it is in yours. Therefore, if someone sends the money to you and it is not confirmed in the sender’s wallet.
13. When you send and before confirmation, your wallet hides the amount and deducts it from your balance, once it confirmed, You cannot reverse it.
14. If you send the transaction and it has a low fee, it will disappear from your wallet, but if it is not confirmed, then within 14 days it will be hidden, after which it will appear in your balance again.
15. Fees are necessary to ensure network decentralization, but knowing how that system works will make you pay cheaper
newbie questions:
How does https://core.jochen-hoenicke.de/queue/#1,24h work and what are the features that can be used to calculate fees
There is another way to pay cheaper fees without looking at mempool, so what is it?
Why are some transactions dropped or returned after 14 days? What is the shortest period for that?
What is the difference between (native Segwit) and (wrapped Segwit)
Professional questions:
Is there one mempool or several mempools and what is the difference between them?
Can the transaction fee be adjusted while keeping the same tx id?
Why does the wallet hide your wallet balance during the confirmation?
After broadcasting, Can an address be modified without changing a tx id?
Can two blocks be mined almost simultaneously? Does that mean that if we send two transactions with the same inputs but different outputs, we will succeed in double spending?
Let's see the accuracy of your answers
